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The Future of Money and Mobile Commerce [INFOGRAPHIC]

If you're over the age of 20, you've likely used a credit card, counted change and maybe even written a check. But is all that about to change?

Mobile payment hasn't become the de facto method of financial transactions just yet, but it is projected to overtake those archaic checkbooks and bank notes you've been lugging around.

Our friends at SapientNitro have compiled research to create this infographic, which details the past, present and possible future of mobile commerce. The company shares the three types of mobile payments that dominate the marketplace today: m-commerce (uses a mobile browser and online wallets), m-payments (uses mobile apps), and m-wallets (replaces your entire wallet). Furthermore, consumers can access several forms of transaction on their mobile devices, including scannable barcodes, mobile coupons and self-checkout.

But are consumers ready to wholeheartedly adopt the latest in mobile payment technology? Adults who are unbanked, for instance, may face a barrier to mobile transactions — there are currently 17 million unbanked adults in the U.S. But many smartphone users welcome the convenience of mobile payments (87% in the UK), while others worry about the privacy factor (79% in Asia). Still, 49% of consumers in the U.S. found shopping on a smartphone awkward.

Then again, many people found paper checks awkward and credit cards confusing the first time around.

Where do you fall in the mobile payment debate? What kinds of transactions do you handle on your smartphone? Let us know your thoughts in the comments below.

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